Financial creditors of Reliance Big Private Limited, formerly promoted by Anil Ambani, are set to face a 99% haircut as part of the approved resolution plan in its insolvency case. The National Company Law Tribunal (NCLT), Mumbai Bench, has given its nod to the resolution plan submitted by Manoj Kumar Upadhyay through his affiliate firm, ACME Cleantech Solutions Private Limited, for the revival of Reliance Big Private Limited.
As per the resolution plan, secured financial creditors will receive Rs. 3.5 crore against total admitted claims of Rs 484 crore. Meanwhile, unsecured financial creditors, who submitted claims totalling Rs 515 crore, will not receive any payments. The plan also includes an upfront cash infusion of Rs. 4 crore in…
